Nucor, ArcelorMittal Hike Prices by Another $40

Following Nucor’s lead, ArcelorMittal USA also raised base prices on its light flat rolled products, including hot rolled, cold rolled and coated steels, by a minimum of $40 per ton, effective immediately. The increase applies to all new orders and recent quotes that have not yet been accepted by ArcelorMittal or AM/NS Calvert.

The notice to the mills’ customers comes just two weeks after the steelmakers announced the first increase, also of $40 per ton. Domestic mills are hoping a second announcement will reinforce the first, which is beginning to show signs of traction. Steel Market Update data shows the current average hot rolled price at around $535 per ton, up $15 from last week, which suggests the market’s slide may have finally turned around.

The benchmark price for hot rolled steel has declined by around 40 percent since peaking at $910 per ton last July, devaluing inventories and squeezing margins for both producers and distributors.